Star Uranium Plans Eastern European Uranium Acquisitions and Exploration
News Desk
Monday February 26, 11:22 am ET
SASKATOON, SASKATCHEWAN--(CCNMatthews - Feb. 26, 2007) - Star Uranium
Corp. (TSX VENTURE:SUV - News) Star Uranium Corp. (SUV) is pleased to
announce that it has formed a 50/50 joint venture with United Carina
Resources Corp. (UCA) for the purpose of acquiring uranium exploration
licenses in the Ukraine and the Former Soviet Union "FSU". The two
companies have equal ownership of 50% each of the joint venture
company. The new company is in the process of applying for a Ukraine
Exploration Permit, which is the protocol for acquiring Ukraine
uranium properties firstly and then for the subsequent exploration and
eventual production of uranium.
The companies have recently opened an office in Dnipropetrovsk,
Ukraine, with an initial staff of 5 support and technical personnel.
Further ramping up of additional professional and technical staff is
underway as the company's permitting and acquisition program
progresses.
Ukraine is thought to be the world's tenth largest producer of uranium
and 11% of the Uranium resources of the FSU, however it does not
report uranium production or resources and some estimates are
considerably higher, but not reported due to state secrecy laws. The
government of Ukraine has recently announced a plan to increase its
uranium production 800% by 2030. Historically Ukraine has had many
world-class deposits, one of them being the Novoconstantinovskoye
underground uranium mine in Ukraine, which is currently in development
and is thought to have reserves in excess of 100 million pounds U3O8.
Ukraine is a democratic independent nation with a population of 50
million, of whom 80% are Ukrainian and the balance are largely Russian
or members of the nations of the ex-USSR. Due to its extraordinary
wealth in mineral resources, Ukraine was considered a cornerstone of
the economic development of the former Soviet Union.
Uranium exploration in Ukraine commenced in 1944. Since that time 21
deposits have been discovered, mostly located in south-central
Ukraine, between the rivers Bug and Dnepr, where Star Uranium and
United Carina have located their offices.
The majority of uranium mineralization is metasomatic; however,
sandstone-hosted uranium is present in economic quantities. Reserve
figures for the Ukraine are not published, as state secrecy laws
presently prohibit their publication.
A decision is expected very soon regarding the Company's court case
with Shore Gold Inc. over ownership of certain mineral claims in
Saskatchewan. An announcement will be made as soon as the Company
receives the decision from the courts.
For more information please visit our website at www.staruranium.com.
ON BEHALF OF THE BOARD
Rick Walker, President
The TSX Venture Exchange Does Not Accept Responsibility for the
Adequacy or Accuracy of This News Release.
Contact:
Rick Walker
Star Uranium Corp.
President
(306) 664-3828
(306) 244-0042 (FAX)
Email: in...@staruranium.com
Website: www.staruranium.com
Source: Star Uranium Corp.
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